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20} James and Carol have formed a partnership without a partnership agreement. Carol contributed ninety percent of the partnership capital and does ninety percent of
20} James and Carol have formed a partnership without a partnership agreement. Carol contributed ninety percent of the partnership capital and does ninety percent of the work. If the partnership earns of profit of $10,000 after its first year, how much of the profit can James legally claim? 20) A) None, because partnerships are not required to pay out profits until after the second year. 13} 151,000 C) $5,000 D) All of it, because Carol failed to protect herself with a written partnership agreement
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